US1 Henry Ford And The Motor Industry Flashcards
When and where was the first Ford factory built?
1903
Detroit, Michigan
When did Ford introduce a new method of production and what was it?
1913
The assembly line
How did Ford’s assembly line work and how did it help production?
Used an electric conveyor belt to pass the car past workers who did a few small jobs repeatedly.
Meant cars could be made quicker and cheaper
How did the assembly line production affect the price of the Model T car?
Made it cheaper as production got quicker
How many people bought Model Ts between 1911 and 1929 and how did the price change over that period?
15 million people
$800 in 1911
$295 in 1929
How did the motor industry impact other jobs and industries?
For every worker in a factory, there were ten more making the parts the cars needed
Jobs building roads, highways and in oil refineries, petrol stations, roadside hotels (motels), garages and restaurants
Name a positive and negative social change from the rise of the motor industry?
Positive - car owners had a new sense of freedom. No longer needed to live near work - coils but a house out of town and drive to work.
Negative - traffic jams, accidents and pollution
What was the stock market boom?
When millions of people - ordinary people as well as the rich - bought shares on the stock market and made money by selling them on
What does ‘buying on the margin’ mean?
Borrowing money from a bank to buy shares. They pay the loan back with the profit from selling the shares.
